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Board of Governors of the Federal Reserve System
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Board of Governors of the Federal Reserve System

Monthly Report on Credit and Liquidity Programs
and the Balance Sheet

September 2009 (1.73 MB PDF)

Overview

Recent Developments

  • Continued improvements in financial market conditions have been accompanied by further declines in credit extended through many of the Federal Reserve's liquidity programs.
  • Borrowing from the Term Securities Lending Facility (TSLF) dropped to zero on August 14, 2009, and the amount of credit outstanding under the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF) fell below $100 million on August 26, 2009.
  • The Federal Reserve announced on August 28, 2009, that the amount of Term Auction Facility (TAF) credit offered at the September auctions would be reduced to $75 billion from $100 billion in August.
  • The Federal Reserve has continued to purchase large volumes of Treasury, agency, and agency-guaranteed mortgage-backed securities (MBS) under its large-scale asset purchase programs. Effective September 1, 2009, the Federal Reserve began to accept on-the-run agency securities--the most recently issued securities--for purchase.
  • On September 1, 2009, the Federal Reserve Bank of New York named four non-primary dealer broker-dealers as agents for the Term Asset-Backed Securities Loan Facility (TALF). These agents will represent borrowers in accessing the facility.
  • Information on the portfolio composition and ratings of securities in the Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC as of June 30, 2009, is presented in this report.

Table 1. Selected Assets, Liabilities, and Capital Accounts of the Federal Reserve System
($ billions)

Item Current
August 26, 2009 		Change from
July  29, 2009 		Change from
August 27, 2008
Total assets 2,078 +75 +1,166
Selected assets:
   Securities held outright 1,485 +140 +1005
       U.S. Treasury securities1 745 +49 +265
       Agency securities1 117 +11 +117
       Agency-guaranteed mortgage-backed securities2 623 +80 +623
       Memo: TSLF3 0 -3 -117
       Memo: Overnight securities lending 13 +4 +6
       Memo: Net commitments to purchase MBS4 140 +5 +140
   Lending to depository and other financial institutions 252 -23 +83
       Primary, secondary, and seasonal credit 31 -5 +12
       TAF 221 -17 +71
       PDCF 0 0 0
       AMLF * -1 +*
   Foreign central bank liquidity swaps5 60 -28 -7
   Lending through other credit facilities 84 -14 +84
       Net portfolio holdings of CPFF LLC6 49 -18 +49
       TALF 35 +5 +35
   Support for specific institutions 101 -3 +72
       Credit extended to AIG, net7 39 -3 +39
       Net portfolio holdings of Maiden Lane I, Maiden Lane II, and Maiden Lane III LLCs8 62 +* +33
Total liabilities 2,028 +74 +1,157
Selected liabilities:
   Federal reserve notes in circulation 870 -1 +74
   Deposits of depository institutions 862 +115 +843
   U.S. Treasury, general account 13 -45 +8
   U.S. Treasury, supplementary financing account 200 0 +200
   Other deposits * -1 +*
Total capital 51 +1 +10
Note: Unaudited. Components may not sum to totals because of rounding.
* Less than $500 million. Return to table
1. Face value. Return to table
2. Current face value, which is the remaining principal balance of the underlying mortgages. Does not include unsettled transactions. Return to table
3.Securities loans under the TSLF and the overnight facility are off-balance-sheet transactions. These loans are shown here as a memo item to indicate the portion of securities held outright that have been lent through this program. Return to table
4. Current face value. These generally settle within 180 days and include commitments associated with outright transactions as well as dollar rolls. Return to table
5.Dollar value of the foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank.. Return to table
6. Net portfolio holdings includes commercial paper holdings, net, and about $5 billion in other investments. Return to table
7. Excludes credit extended to Maiden Lane II and III LLCs. Return to table
8. Fair value, reflecting valuations as of June 30, 2009. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Fair values are updated quarterly. Return to table

Figure 1. Credit and Liquidity Programs and the Federal Reserve's Balance Sheet

Figure 1. Credit and Liquidity Programs and the Federal Reserve's Balance Sheet

Accessible version

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Last update: August 2, 2013